Egyptian Chemical Industries holds USD30mn in foreign currency to finance expansion plans
According to an unnamed source at the Egyptian Chemical Industries (KIMA) [EGCH.CA], foreign cash balances stood at USD30mn at end of December 2016. The source added that this amount would be used to finance the expansion plans at its Aswan facility. It is worth noting that Kima had signed an agreement with Italian company Tecnimont to construct a fertiliser facility in Aswan, Egypt, with an investment cost of USD769.5mn. (Al Mal)
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